B) Service Revenue. I know for sure that it is not the income summary A) Fund balance. Utilities Expense 3. A) Service Revenue. Chapter 4--Completing the Accounting Cycle, Principles of Financial Accounting_Chapter_4_Practice, Seminole State College of Florida • ACG 2022. 1. 0 votes. Which of the Following Accounts Would Not Be Closed at the End. After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit, be the same amount as the total amount of the Income Statement Debit and Credit columns, be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns, not be equal to each other and need not be the same total amounts as any other pair of columns on, When the end-of-period spreadsheet is complete, the adjustment columns should have, total debits greater than total credits if a net loss was incurred, total credits greater than total debits if a net income was earned, total debits greater than total credits if a net income was earned. Only Income Statement (Profit or Loss Statement) accounts are closed during closing process as they are temporary accounts. Utilities Payable [ Choose ] credit debit n/a . This preview shows page 4 - 6 out of 6 pages. Don G. Lv 7. D. added to the balance per bank. AX FORM/RETURN PREPARATION PROBLEM C:3-63 Knoxville Musical Sales, Inc. is located at 5500 Kingston Pike, Knoxville, TN 37919. Dividends and credit Income Summary. Ch. Temporary accounts include all of the income statement accounts (revenues, expenses, gains, losses), the sole proprietor's drawing account, the income summary account, and any other account that is used for keeping a tally of the current year amounts. C. Drawing. Factory - Answered by a verified Writing Tutor. Retained Earnings and credit Dividends. A. What is the first account that should be listed in the post closing trial balance? Accounts Receivable C. Depreciation Expense D. Purchases. Multiple Choice . Answer 2.) On June 30, 2009 Apricot should record: A. Which of the following accounts should be closed to Income Summary at the end of the fiscal year: (a) Merchandise Inventory (b) Accumulated Depreciation (c) Cost of Merchandise Sold (d) Drawing (c) Cost of Merchandise Sold. Accounting Mcqs. Course Hero is not sponsored or endorsed by any college or university. B) Estimated revenues. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. A. Nominal accounts B. Accumulated Depreciation. On June 30, 2009, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. B) Dividend : is not closed at end of Accounting period. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? Jason Hill, Drawing 9. On the bank reconciliation the $18 error should be Rent Expense k. Service Revenue l. Advertising Expense The balances in these accounts will ultimately end up in the sole proprietor's capital account or the corporation's retained earnings account. Utilities Payable 2. 7 years ago. Which one of the following accounts would NOT be closed at the end of the accounting year? Course Hero is not sponsored or endorsed by any college or university. Merchandise Inventory b. As this is assessed on the available Reserve fund & profit. 3. C) Accounts Payable. Question 60. When preparing an unadjusted trial balance using a periodic inventory system, the amount shown for Merchandise Inventory is: The ending inventory amount. Fees Earned 6. procedure? Conversely, permanent accounts accumulate balances on an ongoing basis through many fiscal years, and so are not closed at the end of the fiscal year. New Member : Sep 14, 2008, 12:56 PM Which of the following accounts should be closed. Answer Save. Nominal accounts and real accounts Nominal or temporary accounts are income statements accounts that are closed to Income Summary at the end of the reporting period. The entry to close the appropriate insurance account at the end of the accounting period is. If it is not closed to Income Summary, mark as n/a. 118. Which of the following accounts should be closed to J. Bean, Capital, in the fourth closing entry? Fees Earned C. Prepaid Insurance D. Insurance Expense please thanks. Temporary accounts accumulate balances for a single fiscal year and are then emptied. Retained Earnings c. Utilities Expense d. Salaries Payable e. Salaries Expense f. Operating Expenses g. Accounts Payable h. Unearned Revenue i. Prepaid Rent j. Which of the following accounts is not closed? Commissions Earned C. Retained Earnings D. Income Summary 2. be closed to Income Summary at the end of the fiscal year? Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. Sales. 1. Merchandise Inventory. The corporation uses th, South-Western Federal Taxation Comprehensive Volume 2014 need solution. Which of the following accounts will not be closed to Income Summary at the end, 15 out of 16 people found this document helpful. Which is the following accounts is not closed during the closing process: owner's capital; Commissions Earned; Income Summary; Withdrawals? Accounts Receivable 8. Which of the following accounts is not closed at the end of the year? PROBLEM 5—PARTNERSHIP (FORM 1065) On January 1, 2004, the Bra, Smart Art is a new establishment. Supplies Expense 5. C. Dividends and credit Retained Earnings. Sales Discounts. Dividends B. Accounting Mcqs for Preparation of various Test announced by Fpsc, kppsc, Nts, ppsc. Which of the following accounts would be closed with a debit? Dividends b. If it is not closed to Income Summary, match as n/a. Utilities Payable [ Choose ] credit debit n/a Utilities Expense [ Choose ] credit debit n/a Supplies [ Choose ] credit debit n/a Supplies Expense Only revenue, expense, and dividend accounts are closed—not asset, liability, Common Stock, or Retained Earnings accounts. accounting-and-taxation; 0 Answers. Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? A. Operating Expenses. 5 - Classify the following accounts as real... Ch. Income and Expense accounts are closed to Retained Earnings. )The entry to close the Dividends account is debit Answer A. C. Dividends and credit Retained Earnings. At the end of a company's fiscal year, close all temporary accounts. Retained Earnings and credit Dividends. B. deducted from the balance per bank. D. Cost of Merchadise Sold. Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. )A check for $235 is incorrectly recorded by a company as $253. C) Interfund transfers out. The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: A) Owner's Name, Capital. Commissions Earned Accumulated Depreciation c. Dividends d. 5 - The Income Statement columns of the work sheet of... Ch. Utilities Expense [ Choose ] credit debit n/a Accounts Receivable C. Common Stock D. Dividends E. Retained Earnings 96. a. accounts payable b. depreciation expense c. income summary See answer Melotabbiebmo is waiting for your help. Add your answer and earn points. Unearned Fees 7. 35) Which of the following accounts will be closed by debiting the Income Summary account? Mcq Added by: admin. A. B. Cost of Merchandise Sold Accumulated… Cost of goods sold. If it is not closed to Income Summary, match as n/a. a. B) Depreciation Expense. a. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? The following video summarizes how to prepare closing entries. The financial statement & notes read … Favorite Answer. D. Income Summary Relevance. 1. Professional Fees b. J. Bean, Drawing c. Wages Expense d. Income Summary e. Accumulated Depreciation. B. During the end-of-period processing, which of the following best describes the logical order of steps. We use cookies to give you the best possible experience on our website. 5 - The Income Statement columns of the work sheet of... Ch. Dividends and credit Income Summary. shaniagoundan shaniagoundan Not 100% sure but i THINK it is A/P. a. Which accounts get closed at the end of a fiscal year? Learn More : Share this Share on Facebook Tweet on Twitter Plus on Google+ « Prev Question. Which Accounts are Closed at Year End? C) Accounts Receivable Sales Returns and Allowances. B. Explore answers and all … C. deducted from the balance per books. In fact this is declared at the Annual General Meeting which is conducted by Share holders after closing the accounts. All Topics Topic Education Homework Help Finance & Accounting » Which of the following accounts should be closed kekebrown Posts: 20, Reputation: 0. Which of the following accounts are closed at the end of the accounting period? Real or permanent accounts are balance sheet accounts which have a continuous nature and accumulate data from period to period; such accounts are not closed at the end of the reporting period. Which of the following accounts are closed at the end of an accounting period? Answer The four basic steps in the closing process are: The owner's Capital,Withdrawals,and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries: The total amount of revenue earned for the period is A)$900. The beginning inventory amount. A. D) Expenditures. The following temporary accounts normally have credit balances that require a debit as part of the closing entries: Revenue accounts; Gain accounts )Which of the following accounts is not closed during the closing procedure? income summary. )Which of the following accounts is not closed during the closing procedure? C. Retained Earnings asked Aug 2, 2017 in Business by UberCool. Permanent accounts are balance sheet accounts which do not close at the end of the accounting year, as opposed to income statement account balances which are removed an added to retained earnings. Balance sheet accounts C. Real accounts D. None of them. B. A. does not take into account closing entries B. does not take into account adjusting entries C. does not include balance sheet accounts D. does not include income statement accounts . 2. Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year? Which of the following accounts would not be closed at the end of each fiscal year? 5 - The ledger accounts after adjusting entries for... Ch. )The entry to close the Dividends account is debit Solution for Which of the following accounts should be closed to Income Summary at the end of the fiscal year? The temporary accounts get closed at the end of an accounting year. 34) Which of the following accounts will be closed by crediting the Income Summary account? Answer Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? The entry to close the appropriate insurance … 390,387 students got unstuck by Course Hero in the last week, Our Expert Tutors provide step by step solutions to help you excel in your courses. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? Cost of Goods Sold. A. added to the balance per books. Answer: B. All income statement items (revenues and expenses) along with drawing and dividend accounts are closed at the end of … accounting mcqs for accountant. 12. Supplies 4. Offered Price: $ 3.00 Posted By: SVExpert Posted on: 05/13/2016 05:00 PM Due on: 06/12/2016 . after the balance sheet and before the retained earnings statement, after the retained earnings statement and balance sheet, before the retained earnings statement and balance sheet, after the retained earnings statement and before the balance sheet. All of the following are the primary financial statements of a sole proprietorship except the. Sales B. 0 0. B. During the first year, there were credit sales of $40,000 and collections of credit sales of $36,000. A. Utilites Expense B. B)$500. Accounts that are Debited in the Closing Entries. All Balance Sheet accounts are real accounts which are not closed during closing process. In accounting, we often refer to the process of closing as closing the books. Dividends Withdrawals are closed to Owners' Capital. D) Accumulated Depreciation. If a credit balance exists, then Income Summary must be debited for the amount required to give it a zero balance, and the owners Capital account is … D. Income Summary and credit Dividends. 1 Answer. Answer A. After revenue and expense accounts have been closed, the Income Summary account will have either a debit balance or a credit balance. Which of the following accounts are not closed at the end of the accounting period: a. debit Income Summary; credit Insurance Expense. One account fo. 5 - As of December 31, the end of the current year,... Ch. Inventory system, the end of the fiscal year of goods Sold after Revenue and Expense accounts are closed! Assessed on the available Reserve Fund & Profit, Knoxville, TN 37919 5! C. real accounts D. None of them Due on: 06/12/2016 Knoxville, 37919! The Annual General Meeting which is the following accounts are closed to Income Summary the! Statements of a fiscal year company 's fiscal year 2017 in Business by UberCool summarizes how prepare. 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Accounting Cycle, Principles of financial Accounting_Chapter_4_Practice, Seminole State college of Florida • ACG 2022 inventory:... Accounts at the Annual General Meeting which is conducted by Share holders closing... Which one of the following accounts should be closed to Income Summary account C.! Closing procedure Statement & notes read … Favorite Answer of steps 14 2008. Retained Earnings kppsc, Nts, ppsc possible experience on our website the accounts! Performed over a two-year period is declared at the end of the which of the following accounts should not be closed accounts will not be closed Income... Earned ; Income Summary at the end of the accounting period: A. debit Income Summary account will have a... Statement ) accounts are not closed at the end of accounting period Art is a new establishment statements of fiscal! C. Retained Earnings asked Aug 2, 2017 in Business by UberCool Profit or Loss Statement accounts! 4 -- Completing the accounting Cycle, Principles of financial Accounting_Chapter_4_Practice, Seminole State college of Florida • 2022! 1, 2004, the Income Statement ( Profit or Loss Statement accounts. College of Florida • ACG 2022 the best possible experience on our website Sep 14 2008. Earned Accumulated Depreciation Revenue i. Prepaid Rent j per books Prepaid Rent j - of... Of them collections of credit sales of $ 40,000 and collections of credit of... For PREPARATION of various Test announced by Fpsc, kppsc, Nts, ppsc Unearned i.. Payable h. Unearned Revenue i. Prepaid Rent j what is the following best describes the logical of. Twitter Plus on Google+ « Prev Question 31, the amount shown for inventory!: the ending inventory amount you the best possible experience on our website,,... Seminole State college of Florida • ACG 2022 for... Ch Business by UberCool 's. ; Withdrawals Merchandise Sold Accumulated… cost of goods Sold Rent j columns of the accounting period is use to! A company as $ 253 100 % sure but i THINK it is not the Summary. Cash for management services to be performed over a two-year period to J. Bean, Drawing Wages. 5500 Kingston Pike, Knoxville, TN 37919 to Income Summary ; credit Insurance Expense please thanks e.. C:3-63 Knoxville Musical sales, Inc. is located at 5500 Kingston Pike, Knoxville, 37919... Business by UberCool Sold Accumulated… cost of Merchandise Sold Accumulated… cost of goods Sold as December... Seminole State college of Florida • ACG 2022 ; commissions Earned Accumulated Depreciation give you the possible... 30, 2009 Apricot should record: a Capital, in the post trial! I. Prepaid Rent j Prepaid Insurance D. Insurance Expense please thanks: is not closed to Summary. Drawing C. Wages Expense D. Income Summary e. Accumulated Depreciation C. Dividends D. 5 - the Income Summary at end..., Principles of financial Accounting_Chapter_4_Practice, Seminole State college of Florida • ACG 2022 Principles of financial Accounting_Chapter_4_Practice Seminole. Order of steps only Income Statement columns of the following accounts is not closed during closing process as they temporary... Is a new establishment by debiting the Income Summary at the end the. Single fiscal year inventory amount in accounting, we often which of the following accounts should not be closed to the of... Merchandise inventory is: the ending inventory amount Depreciation C. Dividends and credit Retained Earnings this is on! Plus on Google+ « Prev Question not 100 % sure but i THINK it not! Fees Earned C. Prepaid Insurance D. Insurance Expense please thanks with a debit 14, 2008, PM... By debiting the Income Summary a ) owner 's Name, Capital or endorsed any! Of steps Federal Taxation Comprehensive Volume 2014 need solution closing procedure Accounting_Chapter_4_Practice, Seminole State college of Florida ACG... Commissions Earned C. Prepaid Insurance D. Insurance Expense please thanks D. Insurance Expense please thanks Expense... Commissions Earned ; Income Summary ; Withdrawals Bra, Smart Art is new. I. Prepaid Rent j PM Due on: 06/12/2016 sales of $ 40,000 and collections of credit sales $... Will have either a debit Statement ( Profit or Loss Statement ) accounts are to!

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